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Nov 25, 2022
Steelcase Q3 2023 Earnings Report
Reported revenue and earnings growth, meeting expectations despite a challenging environment.
Key Takeaways
Steelcase reported Q3 revenue of $826.9 million, a net income of $11.4 million, and adjusted earnings per share of $0.20. The company experienced revenue growth but faced challenges with order declines due to softening industry demand.
Revenue and earnings growth met expectations despite a challenging environment.
Organic revenue growth was driven by a strong beginning backlog and significant pricing benefits.
Orders declined across all segments due to softening industry demand.
Gross margin improved in the Americas due to pricing benefits, net of inflation.
Forward Guidance
Steelcase expects fourth quarter fiscal 2023 revenue to be in the range of $740 to $765 million, with earnings per share between $0.05 to $0.09 and adjusted earnings per share of between $0.11 to $0.15.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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